EUR/JPY Price Analysis: Eight-year high above 147.00 kept bulls from testing 149.00

EUR/JPY retraces from weekly highs around 147.30s, on risk-aversion, due to BoJ’s intervention woes.
Near-term, the EUR/JPY is neutral biased, though a break above 147.30 will expose 148.00 and beyond; otherwise, a fall under 146.00 is on the cards.

Christian Borjon Valencia FXStreet

The EUR/JPY consolidates nearby weekly highs, around the 146.80 mark, retracing from YTD highs at 147.29, due to risk-aversion and high US Treasury yields advancing sharply, while Fed hawkish commentary on Thursday, spooked investors as the Federal Reserve gets ready to lift rates to 4%. Therefore, the EUR/JPY is trading at 146.87, below its opening price by a minuscule 0.03%.

EUR/JPY Price Forecast

The EUR/JPY daily chart portrays the pair as upward biased. Worth noting, the cross-currency pair, is reange-bound, trading in the upper 146.00-14730 area, unable to test the 148.00 mark. Of note, EUR buyers were unable to rally to 148.00, probably on fears that the Bank of Japan (BoJ) could intervene in the market, as speculations mounted that on Thursday, they did it. Nevertheless, if those rumors fade, a test to 148.00 is likely, as EUR/JPY buyer eye 150.00.

Short term, the EUR/JPY one-hour chart suggests the pair as range-bound, supported by the confluence of the daily pivot point and the 20-Exponential Moving Average (EMA) at 146.84. Underneath the latter, the 50-EMA flat-slope suggests the pair will remain volatile around the 146.80-147.30 area, but the Relative Strength Index (RSI) aiming lower, about to enter the bearish territory, could open the door for a retest of October 19 lows at 146.07, followed by the October 18, weekly low of 145.81.

On the other hand, if the cross clears the YTDhigh at 147.30, the next resistance is 147.39. Once broken, the following supply areas would be the S2 pivot level at 147.87, followed by the S3 pivot point at 148.44.

EUR/JPY Key Technical Levels

EUR/JPY

Overview
Today last price	146.87
Today Daily Change	0.31
Today Daily Change %	0.21
Today daily open	146.56

Trends
Daily SMA20	142.41
Daily SMA50	140.9
Daily SMA100	140.38
Daily SMA200	136.72

Levels
Previous Daily High	147.26
Previous Daily Low	146.08
Previous Weekly High	144.85
Previous Weekly Low	140.9
Previous Monthly High	145.64
Previous Monthly Low	137.38
Daily Fibonacci 38.2%	146.53
Daily Fibonacci 61.8%	146.81
Daily Pivot Point S1	146
Daily Pivot Point S2	145.45
Daily Pivot Point S3	144.82
Daily Pivot Point R1	147.18
Daily Pivot Point R2	147.81
Daily Pivot Point R3	148.36

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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